F3 team Litespeed will be participating in the Formula One along with a few other new teams like Campos Racing, Lola, Prodrive (future Aston Martin) and USGPE for the 2010 season. But get this – they will be calling themselves Team Lotus.

The team founded by ex-Lotus employees Nino Judge and Steve Kenchington wants to use the Lotus brand name to help the team secure a place on the grid. They say they’ve licensed it, but the real Lotus has come out with a statement today saying they have nothing to do with the team and may take action to protect its brand name. It could be that Litespeed is only still in negotiations to license the name and Lotus is not too happy about them going around announcing it without confirmation.

“Team Lotus” will use Cosworth engines and a chassis designed by a team led by former Toyota and Renault technical director Mike Gascoyne. They will be leasing the RTN factory in Hingham near the real Lotus.